The company’s top executive resigned after the struggling automaker released an investigation by its board.
Lordstown Motors, which bought a shuttered General Motors factory in Ohio, warned that it needs to raise more money and might not survive.
Lordstown Motors said it would start producing and selling electric pickup trucks this year, but there is little evidence it is ready to do so. Its stock has tumbled from a high of about $30 last year to around $8.
Investors are betting that small companies like Workhorse will help popularize electric commercial vehicles. And Tesla aims to extend its reach.